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Industry Ministry restricts import procedures to ban entry of low-quality goods: Kabil - Daily News Egypt

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Industry Ministry restricts import procedures to ban entry of low-quality goods: Kabil

Ministry lifted minimum capital of importing companies


Minister of Industry and Trade Tarek Kabil has issued a decision to regulate imports and stop the entry of low-quality imported goods to Egypt.

The decision also aims to stimulate injecting more investments into the national industry and protect domestic production from the unfair competition with low-quality imported goods. Kabil noted that the decision came after consultation with the Federation of Egyptian Chambers of Commerce (FEDCOC).

The minister explained that the decision included a number of new controls on the facilities allowed to conduct importation. The new controls include raising the minimum capital to enlist individual importers from EGP 10,000 to EGP 500,000. The minimum threshold for individual companies and limited companies was also lifted from EGP 15,000 to EGP 2m. Joint-stock import companies must now have a capital of at least EGP 5m.

Moreover, the law for importers registry saw the introduction of a new condition on the minimum limit of doing business. Now, individuals seeking enlisting on the registry must prove previous expertise and seriousness. The insurance deposit was lifted from EGP 3,000 to EGP 50,000 for individuals and EGP 200,000 for legal entities.

The new decision gives import cardholders a period of six month to adjust the capital and insurance to remain on the importers registry. Kabil also stipulated being enlisted of having completed a training to ensure having enough experience.

The new amendment also gives the foreign trade ministry the authority to take temporary measures, such as suspending violating importers for a period of up to two years in case of harming the health of consumers or violating intellectual property.

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https://cdn1.dailynewsegypt.com/2017/06/03/industry-ministry-restricts-import-procedures-ban-entry-low-quality-goods-kabil/
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